Financing for rolling kit

Hey all, I'm sure this topic has been addressed before but I don't know where I'd find it. I'm ready to purchase a rolling kit, probably from Vintage Speedsters - but need to obtain financing for it. I have flawless credit but just don't know the best way to go about getting a loan for a kit. Can anyone tell me how they did it, or better yet, where I can get a loan for this? Thanks!

Jude

No one is going to loan you money for a kit car project; you will have to use something as collateral or refi your home/condo if you own one. I doubt that any banks will loan money on a new IM, VS, or JPS since they have no Bluebook/NADA wholesale value. I think most of us pay cash.

George, thanks for the quick reply. If I do use cash, can I get the vehicle apraised once its built and then get a loan to pay back the cash? Have you heard of anyone doing it this way?

With flawless credit and the income to support it, an unsecured signature loan may be an option. Where I bank they are limited to $10,000.00. The woman in the loan department said with a written appraisal they will loan money on almost anything. I said that made them sound like a big pawn shop. I would just ask where you do your banking and see what they say.
Ed

With very good credit JJ Best will make a loan for a JPS, Vintage or IM they require about 30% down payment and charge an above market interet rate. www.jjbest.com

Hey guys, I have to tell you that I finacned my rolling kit through lendingtree.com and had very good luck. I would certainly reccomend it to you. If you're smart you can even figure out how to split it up for kit, engine, paint etc...
-Wil

Wow! Money is easier than it used to be! I wonder if I can get financing to build a drive-in bordello...:o)

George, there may be a gummint program grant for that :-)
ed

On the Bordelo, I do expect a "Speedster Owners" discount, plus have of a "Racers" discount, George. And, can we just do direct deposit on a monthly account.

The problem with speedster owners is that they would all be just too darn fast...and you know..sometimes fast is not a good thing.
Ron

jude,

People First Finance

jc

Hey all... thank you so much for all the advice. I'm on the road travelling right now but when I get back next week I'll be trying these out and I'll keep you posted on what works - just in case you want to start another kit yourselves! :) Thanks again!

Jude